Law360, New York (December 21, 2004, 12:00 AM EST) -- A software vendor that has rattled the world’s futures industry with threats of patent litigation has laid down its demands in an open letter to the industry.

In the letter, Trading Technologies CEO Harris Brumfield publicly disclosed for the first time the staggering ultimatum he presented privately to the world's four largest futures exchanges, including the Chicago Board of Trade and Chicago Mercantile Exchange.

Trading Technologies is seeking a 2.5% fee for each contract executed, according to the letter.